In January-April, according to the State Insurance Supervision Service, under the insurance against occupational accidents and diseases in production 14.91 million manat was collected, being more than 14% above the same period last year. All in all, within the framework of life insurance there was collected 41.88 million manat, including voluntary insurance (26.97 million manat) in this segment. This represents 22.23% of total premiums (166.01 million manat) in the insurance market.
In Azerbaijan, there are three companies specializing in life insurance and having the legal right to provide services for compulsory insurance and disability of individuals from accidents and occupational diseases in the workplace.
According to the Ministry of Taxes, in the country there are nearly half a million entrepreneurs (potential employers), including individuals. Of these, about a fifth provides real jobs. All the natural monopolies and big businessmen in cooperation with the inspection under the Ministry of Labor and Social Welfare have already signed contracts with insurance companies.
The law "On compulsory insurance of disability of individuals from accidents and occupational diseases" was approved in July 2010. In December of the same year, the regulatory legal acts were approved for the commencement of services under this type of insurance.
The Cabinet in November 2010 approved the tariffs for compulsory insurance and disability resulting from occupational accidents. Under its provisions, all economic activities are divided into 14 levels of risk.
Based on this level of risk, the amount of the insurance rate for employees and workers in the enterprise is determined, which ranges from 0.2% to 2%, depending on the risk level of the enterprise. In the state budget for the insurance of persons working in the government and public enterprises and organizations, for this type of insurance, beginning in 2011, it provides for the allocation of 10,030,000 manat.
By law, the insurance rate is calculated from the capacity payroll in the company. The law provides for three types of insurance payments: monthly, one-time and more. --17D-
Economics
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In the first ten months of 2024, Baku's trade turnover registered a 4.4% increase compared to the same period last year, reaching a substantial 28.2 billion manat, according to the Baku City Statistics Department.
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In a significant move to bolster its financial capabilities, Azerbaijan's state-owned energy company SOCAR has signed an agreement with Italy's Intesa Sanpaolo bank. The pact, which underscores growing cooperation between the two entities, marks a step forward in securing financial resources for SOCAR's ambitious projects, including its ventures in green energy.
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In the first 11 months of 2024, Azerbaijan experienced a robust recovery in its tourism sector, with 2.41 million foreign and stateless individuals visiting the country, marking a 27.4% increase compared to the same period last year, according to the State Border Service. This growth reflects Azerbaijan’s increasing appeal as a travel destination, bolstered by diversification in source markets and improved transport infrastructure.
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Azerbaijan’s industrial sector showed resilience in 2024, with total production in January-November reaching 58.3 billion manat, a 1.1% increase compared to the same period in 2023, according to the State Statistics Committee. While growth was driven by robust gains in the non-oil and gas sectors, the report underscores a gradual but notable shift in the country’s economic priorities and production dynamics.
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